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Q. 6.36 Adjusting income, expense, asset and/or liability accounts

Question Q. 6.36 Adjusting income, expense, asset and/or liability accounts Generate the adjustments, as a journal entry (without the narrative) using the template provided, needed for income, expense, asset and/or liability accounts for Games Pty Ltd to reflect the following transactions in the entity’s financial statement for the 12-month reporting period ended 31 December 2015 using the accrual system: a. The fortnightly salaries and wages bill of $6900 for December 2015 is due to be paid on 1 January 2016. b. The entity has $30 000 of office furniture and equipment with a $10 000 residual value that it depreciates over five years on a straight-line basis. c. A client owes $5000 for services rendered in December 2015. d. Games Pty Ltd utility services bill (water, telephone, electricity) for the quarter ended December 2015 has not yet been received. Based on previous bills, the quarterly expense is expected to be $1200. e. Games Pty Ltd has a two-year subscription to a trade magazine at a cost of $2400. The subscription was paid on 1 March 2015. f. One of Games Pty Ltd’s clients was placed into liquidation in December 2015. This client owes Games Pty Ltd $6200. g. Games Pty Ltd has a property with a carrying value of $120 000. An assessment has determined that its recoverable amount is $90 000.

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BANK RECONCILIATION PROBLEM:
The

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BANK RECONCILIATION PROBLEM:
The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides a bank statement along with canceled checks on the last day of each month. The October 31, 2018, bank statement included the following information: Balance, October 1, 2018 $ 32,690 Deposits 86,000 Checks processed (75,200) Service charges (350) NSF checks (1,600) Monthly loan payment deducted directly by bank from account (includes $400 in interest) (3,400) Balance, October 31, 2018 $ 38,140 The company’s general ledger cash (checking) account had a balance of $42,544 at the end of October. Deposits outstanding totaled $4,224, and all checks written by the company were processed by the bank except for those totaling $5,620. In addition, a check for $500 for the purchase of office furniture was incorrectly recorded by the company as a $50 disbursement. The bank correctly processed the check during October.Required:1. Prepare bank reconciliation on the Form Provided for the month of October, 31, 2018.2. Prepare the necessary journal entries at the end of October on the Journal Paper provided to adjust the general ledger cash account. please seperate the bank side and the book side

A company should only apply the revenue recognition standard to contracts

Question A company should only apply the revenue recognition standard to contracts that meet all of the following criteria excepta. collectability of consideration is probable.b. each party’s rights regarding goods and services to be transferred are identified.c. the transaction price is fixed and determinable.d. the contract has commercial substance.

1. Net sale 2. Net income 3. % of return on sale

AccountingQuestion 1. Net sale 2. Net income 3. % of return on sale 4. Return on assets of how many % on the average operating asset5. Operating income margin will be how many % on the net sale6. How much is the cost of cost of goods sold? What is the % of the gross profit

Please answer the question based on the following financial statements

Question Please answer the question based on the following financial statements (Statement of Financial Position and Income Statement) for Company A and Company B. Question: Perform ratio analysis for the two companies for the year ended 31 March 2019.( Note: The scope of analysis should include liquidity, profitability, and solvency. )Please show the workings of the accounting ratios. Company A : Statement of Financial Position

The fundamental qualitative characteristics that financial information

Question The fundamental qualitative characteristics that financial information must possess to be useful to the primary users of general purpose financial reports—identified in the Conceptual Framework are ‘relevance’ and ‘faithful representation’. Required: -a) Provide one example where information is relevant but not faithfully represented. -b) Provide one example where information is not relevant but is faithfully represented. -c) Provide one example where information is relevant and faithfully represented.

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